By Eyo Nsima
The Nigerian National Petroleum Corporation (NNPC) Limited, Nigeria’s apex oil company has deducted N245.77 billion from its contribution to the Federation Account in April 2022.
The deduction was used to pay the nation’s petrol subsidy.
In its report to the Federation Account Allocation Committee meeting held yesterday, the NNPC Limited stated that another sum of N671.88 billion would be deducted from the Federation Account next month.
Specifically, the Corporation stated: “Export Crude Oil: Crude Oil export revenue received in March 2022 amounted to $88.93 million. Gas export revenue received in March 2022 amounted to $32.04 million. NLNG: Feedstock Gas receipt was $143.69 million.
“This includes receipts of $54.72 million and $21.29 which were expected in the previous month but slipped into the current month. Other related NLNG receipt was $7.67 million. Other Receipts: The sum of $22.02 million being miscellaneous receipts in March 2022.
“The sum of N 259,539,170,912.93 as the gross Domestic Crude Oil and Gas revenue for the month of March , 2022. Recovery of Strategic Holding Cost of N 241,906,788.75. The value shortfall of N245,772,559,462.62 was charged for the month which comprises of previous months outstanding and part of February 2022 value shortfall.”
It added: “The estimated Value Shortfall of N671,882,996,685.81bn (consisting of N519bn for estimated April 2022 recovery plus N152bn of March 2022) is to be recovered from the April 2022 proceed due for sharing at the May 2022 FAAC Meeting.”
